The report “Ferro Silicon Market by Type (Atomized Ferrosilicon, Milled ferrosilicon), Application (Deoxidizer, Inoculants), End-use Industry (Stainless Steel, Cast Iron, Magnesium), and Region (Asia Pacific, Europe, North America, MEA, SA) – Global Forecast to 2028″, is projected to reach USD 12.9 billion by 2028, at a CAGR of 3.4% from USD 10.9 billion in 2023. The ferrosilicon market is mainly driven by the robust demand for steel in automotive, construction, and manufacturing industry. Moreover, it is also driven by growing focus on renewable energy to reduce carbon emissions.
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• 201 Market data Tables
• 38 Figures
• 180 Pages and in-depth TOC on “Ferro Silicon Market – Global Forecast to 2028”
Some of the prominent key players are:
- Elkem (Norway)
- RFA International (Switzerland)
- DMS Powders (South Africa)
- Ferroglobe (UK)
- Eurasian Resources Group (Luxembourg)
- Feng Erda Group (China)
- Finnfjord AS (Norway)
- Mechel PAO (Russia)
- Om Holdings Ltd (Singapore)
- Maithan Alloys Ltd (India)
Driver: Robust demand for steel in automotive, construction, and manufacturing industry
The high demand for steel in the automotive, construction, and manufacturing industries is a significant driving factor for the ferrosilicon market. Ferrosilicon is vital in steel production due to its role as a powerful deoxidizing and alloying agent. It enhances steel’s strength, ductility, and other essential properties, contributing to the quality and performance of the final product. This demand surge is fueled by various factors, which intricately influence market dynamics.
In the automotive industry, steel is a fundamental component used in the production of vehicles. As the automotive sector experiences growth, driven by factors such as increasing population, rising urbanization, and the need for more durable and efficient transportation, there is a subsequent surge in the demand for steel. Steel’s strength and versatility make it a preferred material for vehicle manufacturing, driving the need for ferrosilicon as an alloying agent.
The construction industry’s consistent demand for steel in infrastructure and real estate projects is intimately tied to economic growth. As economies expand, the need for new buildings and infrastructure rises, propelling the requirement for steel. This amplified demand extends to the manufacturing sector, where steel is a cornerstone in machinery, equipment, and diverse industrial products. The health of manufacturing, driven by economic growth and industrialization, directly impacts steel demand. Consequently, the manufacturing sector significantly relies on ferrosilicon, which enhances steel’s properties, such as heat resistance and magnetic characteristics, rendering it well-suited for a wide array of manufacturing applications.
“Carbon & other alloy steel type was the largest segment for ferrosilicon market in 2022, in terms of value.”
carbon steel and various alloy steels serve as significant end-use industries for ferrosilicon, utilizing its unique properties to enhance their structural integrity and performance. In the production of carbon steel, ferrosilicon acts as a vital deoxidizing agent, facilitating the removal of impurities and ensuring the attainment of the desired chemical composition and mechanical properties. Additionally, in the manufacturing of alloy steels, ferrosilicon serves as a key alloying element, contributing to the enhancement of specific properties such as hardness, strength, and corrosion resistance. Its integration in these steel production processes enables the creation of robust, durable, and versatile steel products, essential for various applications across sectors including construction, automotive, and infrastructure development. In the construction industry, carbon steel’s exceptional strength and durability make it a staple for structural components like beams, columns, and reinforcement bars, while alloy steels find application in specialized projects that demand heightened strength and corrosion resistance.
“Asia Pacific was the fastest growing market for ferrosilicon in 2022, in terms of value.”
Asia Pacific was the fastest growing market for global ferrosilicon market, in terms of value, in 2022. China is the largest market in Asia Pacific. It is projected to witness the highest growth during the forecast period considering of high usage of ferrosilicon in the region for various application.
